All Forum Posts by: Mark Sue

Assuming you purchase a home in Florida, having a low credit score is going to cost you. I just ran a quick comparison in my region (Oregon), and on a $400k home with 20% down, the difference between a 620 credit score and a 740 score is 5/8% in interest rate and $3,000 in higher fees.

If I were in your situation, I would do the following:

- Wait a year or two for my credit to recover.
- Send Daughter #1 to community college for a year (or two) to get her Gen Ed classes for little-to-no cost. Then she can transfer to the big, expensive school of her choice to finish her degree if she wants.
- Advise Daughters to achieve their career dreams without crippling themselves financially by going to expensive schools. There are much more affordable options out there. 

Hey, Jackson. The short answer is that it is possible.

The long answer is that it will take quite a bit of paper work to get you qualified, and you will still need to demonstrate enough income (averaged over the last two years) to qualify for the loan. FHA guidelines allow for part-time work and for multiple jobs in your recent history. You and your lender will just have some work to do verifying it all. You can find out more here: https://fhalenders.com/fha-loa...

Hope that helps!